Wednesday, July 21, 2010

The Bank of Canada stays the course and ups interest rates


Forex Special (Barcelona) - Canada is experimenting a steady recovery, not spectacular but solid, something most would look for in these times of crisis. Given the positive outcomes in recent indicators the BoC has decided to increase interest rates to 0.75% as widely anticipated. 

Previous rate stood at 0.50%. The Central Bank has taken this step while stating that the austerity measures should have a negative effect in the near future: "Greater emphasis on balance sheet repair by households, banks, and governments in a number of advanced economies is expected to temper the pace of global growth".

And making it very clear, that even if this is a necessary step, the recovery "is proceeding but is not yet self-sustaining".

BoC Interest Rate Decision

0.75%
Actual
0.75%
Consensus

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